Friday, 6 September 2019

Questions (121)

Pearse Doherty


121. Deputy Pearse Doherty asked the Minister for Finance when the key information report on employer and public liability insurance claims will be published; if an organisation (details supplied) has submitted the required data in relation to same; and if he will make a statement on the matter. [35808/19]

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Written answers (Question to Finance)

As the Deputy is aware, Recommendation 4 of the Cost of Insurance Working Group’s (CIWG) Report on the Cost of Employer and Public Liability Insurance required the Department of Finance to publish a key information report on employer liability (EL) and public liability (PL) insurance claims by Q4 2018. In order to do this, the CIWG’s data sub-group developed a template with specified key metrics which was sent to Insurance Ireland by Minister of State for Financial Services and Insurance, Michael D’Arcy TD, in May 2018.  In it, he requested that the completed data submission be returned by the end of Q3 2018 to allow sufficient time for the production and publication of the report by the end of Q4 2018.

Insurance Ireland was unable to meet this deadline. However in their most recent update to my Department in late July, they indicated that they have circulated a data request to their members to complete and return, and that it is expected this work will take six weeks to complete.  Following the return of the data they will require outside expertise to aggregate and anonymise the data.  They stated that it was their goal to have the output of this data to the Department for review six weeks after the receipt of final data from members.  I would add that following receipt of the data return, my Department, with technical assistance from the Central Bank of Ireland, will need a certain amount of time to review it and produce a report on the basis of it, therefore it is possible that such a report will not be published until at least Q1 2020.